商务部介绍中美经贸磋商机制首次会议； 包括沪深300、上证50、上证180等指数样本股将调整，今日（6月13日）收市后生效； 美国商务部宣布自6月23日起对钢制家电加征关税，洗衣机冰箱在列； 印度坠机事故造成至少265人遇难，机上242人中有241人已确认遇难，1人生还。波音股价大 跌近5%； 蚂蚁集团两家子公司官宣入局稳定币。 重要的消息有哪些 1．商务部新闻发言人何亚东在6月12日举行的商务部例行新闻发布会上说，当地时间6月9日至10日，中美经贸 团队在英国伦敦举行中美经贸磋商机制首次会议，双方就落实两国元首6月5日通话重要共识和巩固日内瓦经贸 会谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进展。他说，下一步，双方将进一步发挥 好中美经贸磋商机制作用，继续保持沟通对话，不断增进共识、减少误解、加强合作，共同推动中美经贸关系 行稳致远。 重要消息 2．6月12日，外交部发言人林剑主持例行记者会。有记者就中美经贸磋商机制会议提问。林剑表示，我要强调 本次会议是在两国元首的战略指引下举行，双方就落实两国元首6月5日通话重要共识和巩固日内瓦经贸会谈成 果的措施框架达成原则一致，就解决双方彼此经贸关切 ...

Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Viewpoints - The growth rate of financial institutions' loans has slightly decreased, primarily influenced by accelerated government bond issuance, leading to a structural tilt towards corporate loans [2] - The overall loan balance of financial institutions reached 265.41 trillion yuan at the end of Q1 2025, with a year-on-year growth of 7.4%, and an increase of 9.78 trillion yuan in the first quarter [1] - The growth rate of corporate loans remains the main focus, with medium to long-term loans in the industrial sector growing by 11.2% year-on-year, and infrastructure loans increasing by 8.0% [2] - The growth rate of inclusive small and micro loans is stable, with a year-on-year increase of 12.2%, which is 4.8 percentage points higher than the overall loan growth rate [2] - The decline in mortgage loans has slowed, with a year-on-year decrease of 0.8%, influenced by a reduction in the decline of commercial housing sales area [2] Summary by Sections Loan Growth Overview - As of the end of Q1 2025, the total RMB loan balance was 265.41 trillion yuan, reflecting a year-on-year growth of 7.4% and an increase of 9.78 trillion yuan in Q1 [1] Corporate Loans - Corporate loans continue to receive the majority of resource allocation, with industrial medium to long-term loans growing by 11.2% year-on-year, and infrastructure loans increasing by 8.0% [2] Inclusive Finance - Inclusive small and micro loans showed a year-on-year growth of 12.2%, indicating a stable growth trend, while agricultural loans also maintained a high growth rate of 8.4% [2] Mortgage Loans - Mortgage loans experienced a year-on-year decline of 0.8%, but the rate of decline has narrowed, suggesting potential recovery in the future [2] Investment Recommendations - The report suggests a "pro-cyclical + high dividend" investment strategy, highlighting the attractiveness of dividend yields in the current market environment, with an average dividend yield of 4.19% [2]

Investment Rating - The report maintains an "Outperform" rating for the banking industry [1] Core Viewpoints - The report emphasizes a "pro-cyclical + high dividend" strategy, highlighting that policy measures are driving valuation recovery in the sector. The average dividend yield for the sector is currently at 4.49%, which remains historically high compared to the risk-free rate represented by the 10-year government bond yield [3][5] - The report anticipates that the improvement in the sector will be catalyzed by policy support, particularly from the real estate and consumer sectors. The static price-to-book (PB) ratio for the sector is only 0.65 times, indicating a significant safety margin with an implied non-performing loan (NPL) ratio exceeding 15% [3][5] - Recommended stocks include regional banks benefiting from policy expectations (Chengdu, Changsha, Suzhou, Changshu, Ningbo) and high-dividend stocks (ICBC, CCB, Shanghai Bank) [3][5] Summary by Sections Industry Performance - As of the end of April, 42 listed banks reported a year-on-year decline in net profit of 1.2% for Q1 2025, a decrease of 3.5 percentage points compared to 2024 [5] - The revenue growth rate for listed banks in Q1 2025 fell to -1.7%, down 1.8 percentage points from 2024. Net interest income decreased by 1.7% year-on-year, while non-interest income showed signs of stabilization [5][9] Market Trends - In April 2025, the banking sector experienced a slight decline of 0.06%, outperforming the CSI 300 index by 2.94 percentage points, ranking fifth among 30 sectors [3] Macro and Liquidity Tracking - The manufacturing PMI for April was reported at 49%, a decrease of 1.5 percentage points. The new RMB loans in March 2025 increased by 3.64 trillion yuan, with a year-on-year growth rate of 7.4% [3][5] Asset Quality - The overall asset quality of listed banks remains stable, with the NPL ratio decreasing by 1 basis point to 1.22% in Q1 2025. The provision coverage ratio decreased by 2.13 percentage points to 238% [10][11]